My DH recently inherited assmall sum of money and opened an ISA with Halifax, We then transferred our eldest 2 ds's savings to Junior ISA's linked to my dh's ISA. as pp says I think it is 6% rate. My other 2 kids money i stuck in CTF, but I hope in time we will be able to open ISA's for them too.
Martin Lewis recommends the halifax kids regular saver. You put in up to £100 a month for a year and get 6% which would also be tax free for your children. ( Hope this is right - I don't work for Halifax!)
I have 3% in a northern rock savings account - they don't pay tax anyway so I've filled in a form to have it paid gross and for his isa I use a stocks and shares one from fidelity as interest rates are so rubbish. And with 18 years to go I think it's worth investing.
If you do one with Halifax, make sure that the subsequent paperwork is right and that they aren't mistakenly doing the lower interest rate for people without an adult account. Happened to us but DH spotted it.
Anyway it's the best deal around I think. You have to book an appointment with the branch to open it, takes for ever and you need all sorts of ID, but worth doing.
That could work, except that I have my own ISA. I rarely save the maximum that is allowed, but if I had 2 more for my ds's (would I be allowed that many?), that would limit us all wouldn't it?
Just pondering really - none of their grandparents are getting any younger and they all suffer with their health in different ways. If they were to leave our ds's anything in their wills or start giving them money regularly (as FIL seems to be thinking about doing) then it would be easier to have it in their own names.
I know what you mean about it being spent wisely and not wasted though.
I save for my DS in a normal ISA in my name so I have control over when he gets it. I don't like the idea that as soon as he turns 18 it'd be his if it was in a junior ISA, I'd rather wait until there was a specific thing he wanted to spend it on rather than rinse it just because he can.
Does anyone have any knowledge or experience with Junior ISAs?
My FIL has just gives our ds's £500 each and has asked for us to save it wherever we think is best for when they're older
They both have Lloydstsb accounts, but I was thinking that they may earn slightly more interest with it in an ISA. FIL has hinted that he might be in a position to do the same again in 12 months time so if it's likely to add up to more of a significant amount over time I would like to invest it wisely.